Singer accepts LOLC

Transactions in diversified sector dominated trading with interest seen in Hemas Holdings and Aitken Spence & Co, but the broader market traded within a narrow range. Hemas accounted for Rs 106.4 million in turnover while Aitken Spence saw Rs 48.6 million worth of shares changing hands. The shares closed down at Rs 81.00 and Rs 540.00 yesterday.

Singer (Sri Lanka) (SINS) which had a 30% stake in Commercial Leasing (COML) has accepted the mandatory offer made by Lanka Orix Leasing Company (LOLC). By accepting the mandatory offer, SINS, will record a capital gain of Rs 80.2 in its consolidated accounts. LOLC paid Rs 93.50 per share of COML to Chemanex and Commercial Bank for a 66% stake on the 9th of May 2008.

Noteworthy upward price movements were seen in Colombo Land Warrants (+12.5%) to Rs 1.80, Bogawantalawa Plantations (+11.8%) to Rs 30.75 and Kotmale Holdings (+11.1%) to Rs. 10.00, whereas the decliners for the day were Nuwara Eliya Hotels (-31.1%) to Rs 424.25, Sigiriya Village (-17.9%) to Rs 27.50 and Confifi Hotel Holdings (-13.6%) to Rs 90.75. Total market turnover was Rs 274.3 million.

Source: First Guardian Equities